Aramco Profit Reaches $110 Billion in 2021

State-owned oil giant Saudi Aramco said on Sunday that its net profit in 2021 more than doubled to $ 110 billion. This is a benefit to the Middle East's largest economy, as it seeks to harness its large profits for domestic and international investment opportunities.

The company is benefiting from the rapid rise in oil prices and said that it has raised its spending target this year due to the surge in demand and impact of the pandemic. Brent crude, the oil benchmark has also surged to an average of $70.86 a barrel last year after coming down to an average of $41.96 a year earlier.

Aramco's income jumped from 124% in 2021 from $49 billion a year earlier, with the higher crude oil prices, stronger refining and chemicals margins and the consolidation of the highest net income Aramco has posted ever since it started trading its shares on the domestic stock exchange.

Saudi Aramco's findings come hours after the Saudi-led coalition said Yemen's Iran-backed Houthi forces launched missiles and drones at Aramco's power and water desalination plants at the end of Saturday and early Sunday.

Aramco plans to increase capital spending by $40 to $50 billion this year, compared to $32 billion in 2021. The company previously announced a project to increase oil production by 1 million barrels per day by 2027 to a total production of $13 million barrels per day.